Mortgage annuity loan, by the end of the year the regulationOn May 22, 2019 by Linsey Metivier
Countdown on the lifetime mortgage loan . Because by the end of the year the implementing regulation that governs it will be published. The assurances come from the Mise – the Ministry of Economic Development – which guarantees that the publication of the regulation implementing the rule revised in March 2015 will respect the deadline set for the end of this year.
The over 60s starting next year, as an alternative to the loan for bare ownership , will be able to obtain a loan immediately whose value can reach 50% of the value of the property.
Individuals who can easily sell properties can apply for the loan.
The owner will have to guarantee the ordinary maintenance of the asset to the institution providing the financing. As for extraordinary maintenance, a written approval will be required from the institute.
To obtain a lifetime mortgage loan it is necessary to ensure a mortgage guarantee on the property in which you reside and you must not provide for repayment for the duration of your life. You can decide to pay off the loan at any time and reduce the interest through repayments in installments.
Mortgage annuity loan, the reform
The reform on the life annuity mortgage loans, which became law last May, provides that the Minister of Economic Development in accordance with the ‘ABI, the Italian Banking Association and consumer associations, to adopt a decree, a regulation incorporating the provisions concerning the release and to the operation of the mortgage loan, within three months of the entry into force of the new provisions.
The amount of the life loan , which must be between 15% and 50% of the value of the property, is obtained by precisely calculating the market value of the property in question and takes into account the age of the applicant. The greater the age, the higher the amount disbursed. Interest rates can be either fixed or variable.